Cava's Stock Surges 132% Since IPO, Driven by Strong Growth and New Menu Items

The Mediterranean restaurant chain reports impressive second quarter results and raises full-year guidance.

Cava's Q2 2024 revenue increased by 35% to $233 million, beating estimates by $13 million.
Same-store sales grew 14.4%, surpassing expectations by 6.5 percentage points.
The new grilled steak menu item has been a significant driver of increased customer traffic and sales.
Cava plans to open 54 to 57 new restaurants in 2024, aiming for a total of 1,000 locations by 2032.
Despite insider stock sales and high valuation concerns, analysts remain bullish on Cava's growth potential.